BitcoinLong
BTC/USD Daily Weekly & Monthly TD Sequential Analysis
There's no telling how high we can go in the next 2 weeks before the close of the 9 candles on Weekly and Monthly time frame.
The good news is that we didn't correct to $5,000, we bottomed at about $5,500, so that tells me $5,000 will be a strong support bottom for when we start our potential multi month correction, and it will only get stronger the higher we go over the next 2 weeks.
The bad news is that the Chicago Mercantile Exchange Bitcoin Futures trading starts sometime in December which could allow for greater selling pressure and drive price lower that $5,000. Maybe the institutional politicians and bankers plan to drop the price 80%, like it did back in 2013. Let's hope not.
The good news is that we didn't correct to $5,000, we bottomed at about $5,500, so that tells me $5,000 will be a strong support bottom for when we start our potential multi month correction, and it will only get stronger the higher we go over the next 2 weeks.
The bad news is that the Chicago Mercantile Exchange Bitcoin Futures trading starts sometime in December which could allow for greater selling pressure and drive price lower that $5,000. Maybe the institutional politicians and bankers plan to drop the price 80%, like it did back in 2013. Let's hope not.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.